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AinsleyCMP's avatar
AinsleyCMP
Experienced User
3 months ago
Solved

bank feed - creditor over payment - how to process withdrawal and refund deposit

I have over paid a creditor. Say it was $500, and I paid $5500.  I know to create an overpayment in pay bills which will then create a debit memo for the $5000.  In Bank Fee , how is this debit then allocated against the $5000 deposit, which the supplied has returned to me?

thankyou

  • Genreve_S's avatar
    Genreve_S
    3 months ago

    Hi AinsleyCMP, 

     

    Thank you for sharing your concern.

     

    Reconciliation, in essence, is the process of ensuring that what transpired aligns with what has been documented in the file. In the scenario you've provided, you can record the payment as $5500 against the bill. This action will generate a debit note for the supplier, which you can then process a refund for in the Sales Register under the Returns & Debits window.

    This method eliminates the need to create a separate debit note. For a more comprehensive understanding of this process, I suggest going through the article titled 'Supplier Returns, Debits, and Refunds'.

     

    Please feel free to reach out if you need any more assistance with this.

     

    If my response has answered your inquiry, please click "Accept as Solution" to assist other users find this information.

     

    Thanks,
    Genreve

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  • SMarsh's avatar
    SMarsh
    Cover User
    3 months ago

    I would transfer amounts to a Deposits clearing account or similar, pay bill from that account then the amounts will reconcile the acount at $0 and reconciles your bank feed account. 

    • Genreve_S's avatar
      Genreve_S
      MYOB Moderator
      3 months ago

      Hi AinsleyCMP, 

       

      Thank you for sharing your concern.

       

      Reconciliation, in essence, is the process of ensuring that what transpired aligns with what has been documented in the file. In the scenario you've provided, you can record the payment as $5500 against the bill. This action will generate a debit note for the supplier, which you can then process a refund for in the Sales Register under the Returns & Debits window.

      This method eliminates the need to create a separate debit note. For a more comprehensive understanding of this process, I suggest going through the article titled 'Supplier Returns, Debits, and Refunds'.

       

      Please feel free to reach out if you need any more assistance with this.

       

      If my response has answered your inquiry, please click "Accept as Solution" to assist other users find this information.

       

      Thanks,
      Genreve